Alistair Lyons could take the chair as consolidator prepares for flotation
Towergate’s new non-executive director Alistair Lyons has been tipped as a potential chairman to steer the business through flotation.
Lyons, who is chairman of Admiral, a publicly traded company, has experience of the IPO process and has been appointed to Towergate’s board as an independent director.
It has been speculated that Cullum, who founded Towergate, will change role, possibly to vice-chairman, following a £200m investment by private equity house Advent in preparation for an IPO.
Towergate chief executive Andy Homer told Insurance Times: “Until we have had an opportunity to discuss board membership with the FSA I couldn’t possibly comment.”
The FSA will need to approve the structure of Towergate’s new board, which is now made of Cullum, Homer, Lyons, and Advent directors Humphrey Battcock and Nick Rose.
Meanwhile, headhunters have begun searching for Homer’s replacement - but he ruled out leaving before the end of the year.
He said: “I expect no change this year. In any event, I will continue as a director of Towergate for the foreseeable future.”
For more, read this week's issue of Insurance Times, online Wednesday and in print Thursday.
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